With reporting season almost over we have a look the big 4 banks and their results. It was another bumper period for the banks as they continue to be a leader in the Australian share market.
Commonwealth Bank Australia - reported the biggest profit ever by an Australian bank for the period ended 30 June 2013. Net profit for the year rose by 8% to 7.68 billion with cash profit, a measure that strips out nonrecurring items, up 10% to $7.82 billion, beating the $7.62 billion estimate by analysts.
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ANZ Banking Group - Recently released a trading update, showing revenue and profit growth while downplaying fears about a slowdown in China. Australia’s third-largest bank announced a $4.8 billion cash profit for the first nine months of its financial year, up 11% on the year before.
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Westpac Banking Corp - Westpac, like the other big four banks, is sitting in a sweet spot at the moment. The company reported a $6.6 billion cash profit for FY12 – it’s largest ever result and 5% higher on a year earlier. Headline profit dropped by 15%, but this was due to a one-off tax benefit the year before.
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National Australia Bank NAB - NAB has had solid 2013, with its recent quarterly statement evidence of this. Net profit for the three months through June was $1.70 billion, a 42% increase from the same period last year with cash profit increasing by 7% to $1.5 billion for the same period.
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Post reporting there has been a slight shift away from the banks and towards the commodity market, but will solid dividend returns the banks are still a solid investment.
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